The Rapidly Changing Industry: Top-Rated Tax Advisor Karla Dennis on What Firm Owners and Clients Must Know

 Taxation is one of the most complicated fields to work in. Tax experts always remain busy dealing with the sea of taxes, regulations, exemptions, deadlines, and compliance. Although it is primarily a male-dominated field, some strong women like Karla Dennis have made it to the top in this field. Karla Dennis is among America’s most renowned female tax advisors. She owns a firm, Karla Dennis and Associates Inc., dedicated to tax advisory, accounting, and business services.Karla believes that the tax and accounting industry is changing rapidly. The industry used to solely rely on preparing tax returns using last year’s numbers and reporting information using last month’s information. Now, it only requires people to understand the historical numbers and be able to report them. However, Karla says that you also have to advise your clients on what those numbers mean for their services and businesses in the present and in the future. Karla believes that in the tax and accounting industry, you are no longer just an accountant or a tax professional but a trusted advisor.

Karla Dennis says:

“Money does not sleep. Today’s global economy requires us to know how to keep up with the new normal of the digital world.”

Karla believes that the fact that the business world is changing more rapidly than ever has spurred this change in the tax and accounting industry. In the digital economy, business happens 24/7, and only reporting on last week’s information is no longer the way to do accounting or taxes. In order to keep up with this new normal, you have to stay vigilant, up-to-date, and work hard.

Since the industry is changing rapidly, Karla Dennis has some golden suggestions and advice for firm owners. Here are some things that she wants firm owners to know:

1. The skills that got you to your current position are not going to keep you where you are. If you are not growing and learning, you are losing.
2. Your greatest skill and asset now is your ability to communicate and translate information into usable data to make strategic decisions.
3. You need to be well versed in business and know a little about everything to ensure you can help quarterback your clients’ decision-making.
4. You must stay agile and be able to pivot fast. You cannot be so rigid in your processes that the process trumps the client.
5. You have to meet the clients where they are and not expect them to always come to you.
6. Make sure your clients feel comfortable and not intimated.
7. Your clients need to be encouraged, and they need clarity and effective communication to navigate the business world

You must be wondering how one can deal with the rapid changes in the industry. Here is how Karla does it:

1. She reads daily about what is going on in the business world and the world in general. She specifically stays tuned to the Wall Street Journal.
2. She stays well-tuned to what the tax and accounting industry is doing by participating on various boards. She sits on the Advisory Board for the School of Accountancy at her local university.
3. She keeps a diverse team of divergent thinking. She believes in hiring and working with people who bring different ideas and thoughts. She says this enables her and her firm to question the status quo.

The rapidly changing world of taxation and accounting has also affected Karla’s firm. These changes have helped her sharpen her tools. They have solidified her visionary thoughts and confirmed her mindset. Karla never believed in conformity and has always questioned the status quo. She has always believed in provocative business, and the changing industry has further strengthened her beliefs in the provocative model of business.